Compact News Release: Compact Elects Officers at Annual Meeting

IIPRC News Release

Compact Elects Officers at Annual Meeting
2018 Goals Include Uniform Standards and Key Process Improvements

WASHINGTON (Dec. 13, 2017) —The Interstate Insurance Product Regulation Commission elected new officers, adopted a budget and unveiled an enhanced website during its recent Annual Meeting, held by conference call. Members of the Insurance Compact elected Ohio Insurance Director Jillian Froment as chair, Rhode Island Insurance Superintendent Beth Dwyer as vice chair and Idaho Insurance Director Dean Cameron as treasurer. The 2018 Management Committee includes members from Georgia, Illinois, Indiana, Iowa, Maryland, Michigan, New Jersey, North Carolina, Pennsylvania, Texas and West Virginia.

"I look forward to working with members and regulators to ensure the Insurance Compact is responsive to the consumer protection values of state officials while meeting the industry's need for uniform product standards and consistent, timely review," Froment said. "Our goal for 2018 is to build upon our innovative state-based regulatory model by adding more uniform standards, improving key processes and fostering dialogue with non-compacting states."

"The Insurance Compact is an integral part of the regulatory structure for asset-based product regulation," Dwyer said. "We will continue our outreach to educate potential partners about this transformative regulatory paradigm and demonstrate its benefits for states, industry and insurance consumers."

"We are committed to continue delivering on our promise to remain revenue-neutral to state budgets, while providing superior member services to the compacting states and excellent customer service to industry filers," Cameron said. "Working through the Insurance Compact we can embrace meaningful uniformity and at the same time maintain state sovereignty of our marketplaces."

About the Commission

Currently, 45 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

The IIPRC enables state insurance regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. The IIPRC establishes a central filing point for these insurance products, enhancing the speed and efficiency of regulatory decisions and allowing companies to compete more effectively in the modern financial marketplace, while continuing to provide protection for consumers.

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2017 Interstate Insurance Product Regulation Commission. All rights reserved.